Thanks for the replies. After a visit to the LFS yesterday and a long talk with the owner there I've decided to make a few changes. I'm going to replace the Kuhli Loaches with Gold Dojos just because I hear they're far more active and you'll actually be able to see them. And I realized that the black tail shark I was referring to is actually a rainbow shark :P
As far as filtration and lighting. I have an aquaclear 70 filter and I ordered one of
these